Banks given til November to set up interbank e-payments

The Bangko Sentral ng Pilipinas (BSP) has stepped up its drive for more digital payments as it has now given a Nov. 30, 2018 deadline for all banks and e-money players to offer interbank fund transfers online.

Specifically, the regulator wants these firms to sign up for the InstaPay and PESONet platforms, which allow as fast as real-time credit of money across banks and e-wallets.